Key Points
- Chairman David Congdon sold 52,000 shares on Feb. 19 at an average price of $194.77 for roughly $10.13 million, trimming his stake by 6.8% to 712,800 shares (about $138.8 million) per the SEC filing.
- Dividend increased — Old Dominion raised its quarterly payout from $0.28 to $0.29 (annualized $1.16, yield ~0.6%); the ex-dividend and record date is March 4 with payment on March 18.
- Mixed recent results and market outlook — Q earnings slightly beat estimates (EPS $1.09 vs $1.06) while revenue fell 5.7% YoY; the stock trades at a P/E of ~40, sits in a 52-week range of $126.01–$208.74, and carries a consensus "Hold" rating with a $189.88 average price target.
Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) Chairman David Congdon sold 52,000 shares of the business's stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the sale, the chairman owned 712,800 shares in the company, valued at approximately $138,832,056. The trade was a 6.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Old Dominion Freight Line Stock Down 3.7%
Old Dominion Freight Line stock opened at $193.88 on Tuesday. The stock has a 50-day moving average price of $175.90 and a 200 day moving average price of $154.73. The company has a market capitalization of $40.54 billion, a price-to-earnings ratio of 40.14, a price-to-earnings-growth ratio of 10.05 and a beta of 1.28. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $208.74.
Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. Old Dominion Freight Line's quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.23 EPS. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.
Old Dominion Freight Line Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be paid a $0.29 dividend. The ex-dividend date is Wednesday, March 4th. This is a positive change from Old Dominion Freight Line's previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 23.19%.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in ODFL. Financial Gravity Companies Inc. acquired a new stake in Old Dominion Freight Line during the 2nd quarter worth $26,000. E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company's stock worth $27,000 after buying an additional 123 shares in the last quarter. Westside Investment Management Inc. lifted its stake in shares of Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock worth $27,000 after buying an additional 98 shares in the last quarter. Rossby Financial LCC acquired a new position in Old Dominion Freight Line during the second quarter worth about $28,000. Finally, DT Investment Partners LLC grew its stake in Old Dominion Freight Line by 600.0% during the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock valued at $33,000 after acquiring an additional 180 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on ODFL shares. Wolfe Research set a $138.00 price target on Old Dominion Freight Line in a research report on Thursday, January 8th. Zacks Research raised shares of Old Dominion Freight Line from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 10th. Truist Financial set a $225.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Rothschild & Co Redburn increased their price target on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a "sell" rating in a report on Friday, February 6th. Finally, UBS Group reaffirmed a "neutral" rating and issued a $202.00 price objective (up previously from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $189.88.
Read Our Latest Report on ODFL
Old Dominion Freight Line Company Profile
(
Get Free Report)
Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.
The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.
Further Reading
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